Equities in Canada’s largest market opened higher on Monday, as rising oil prices boosted energy shares.
The S&P/TSX Composite Index gained 28.51 points to open a new week at 16,422.46
The Canadian dollar gained 0.25 cents at 76.74 cents U.S.
First Quantum Minerals is scheduled to release second-quarter results after the close of markets. Shares in First Quantum gained 13 cents to $19.18.
Australia's Jervois Mining has bought almost 5% of shares in Ecobalt Solutions, which is developing a high-grade cobalt mine in the United States, days after two of its biggest shareholders called for management overhaul. Ecobalt shares gained a penny, or 1.1%, to 93 cents.
RBC raised the target price on Agnico Eagle Mines to $55 from $49. Agnico shares dipped 12 cents to $54.42.
RBC cut the rating on Barrick Gold to sector perform from outperform. Barrick backpedaled eight cents to $14.58.
CIBC raises price target on to Morneau Shepell to $29.00 from $27.25. Morneau shares took on 20 cents to $27.44.
ON BAYSTREET
The TSX Venture Exchange gained 4.15 points to 711.52
Seven of the 12 subgroups were higher in the first hour, energy leading the way, up 1%, while health-care took on 0.6%, and financials were richer by 0.3%.
The five laggards were weighed most by information technology, sliding 1.5%, while utilities and real-estate each stepped back 0.2%.
ON WALLSTREET
The NASDAQ Composite fell sharply on Monday, pressured by a steep decline in tech shares, while gains in the broader market were capped by concerns over trade.
The Dow Jones Industrials fell 21.88 points at 25,429.18, as Caterpillar gave up earlier gains.
The S&P 500 stepped back 8.05 points to 2,810.77, as tech fell 1.4% and worries on the trade front persisted.
The NASDAQ slouched 68.25 points to 7,669.16, as shares of Facebook docked 3.1%, and Netflix shed 4.8%. Amazon and Alphabet also dropped more than 1% each.
Caterpillar said in its second-quarter earnings report that recently imposed tariffs will shave off between $100 million and $200 million from its bottom line in the second half. The company also reported better-than-expected earnings and raised its full-year outlook, however.
Bloomin' Brands, First Data and Seagate Technology also posted stronger-than-forecast quarterly profits. AK Steel is scheduled to report Monday after the close.
More than half of the S&P 500 has released results for the previous quarter, with approximately 80% posting better-than-expected earnings. However, some of the most popular stocks have disappointed investors with their reports.
Tech giant Facebook dropped 19% on Thursday after reporting weaker-than-expected revenue and lowering its revenue growth forecast. Facebook's massive drop sent ripples through the tech sector, the best performing group in the S&P 500 year to date.
Wall Street looked ahead to the Federal Reserve's latest monetary policy meeting, which is scheduled to start Tuesday. Market expectations for a rate hike are just 3%
Prices for the benchmark for the 10-year U.S. Treasury withered, raising yields to 2.98% from Friday’s 2.96%. Treasury prices and yields move in opposite directions.
Oil prices reacquired $1.45 to $70.14 U.S. a barrel.
Gold prices let go of a dime to $1,222.90 U.S. an ounce.
